Strategic Oil & Gas Ltd. Announces 2009 First Quarter Results

The three months ended March 31, 2009 showed an increase in volumes over the comparable period of 2008. Average daily sales volumes increased by 35% to 202 boe/d in 2009 versus 150 boe/d in 2008. Revenues, however, decreased by 38% to $631,129 for 2009 versus $1,016,714 in 2008. The decrease was the result of a significant drop in crude oil and natural gas prices in the last nine months. The Corporation received an average price of $34.65 per boe versus $72.75 in 2008 which is a decrease of 52%.

For the three months ended March 31, 2009 average daily production continued to grow to 202 boe/d versus 177 boe/d for the fourth quarter of 2008. Revenues for the first quarter of 2009 were $631,129 versus $652,096 in the fourth quarter of 2008. The decrease in revenues is the result of a decline in the market prices of both oil and gas. The Corporation received an average price of $34.65 per boe in the first quarter of 2009 versus $40.01 per boe in the fourth quarter of 2008, a 13% decline.

As announced in the second quarter of 2008, the Company's Alberta drilling program led to the successful completion and tie-in late in the third quarter of another liquids rich gas well at Harmattan in West Central Alberta at gross initial rates of approximately 1.0 mmcf/day of natural gas and 50 bbl/d of natural gas liquids from the Mannville zone. During the third quarter, this well ( Harmattan 10-8) was completed in the Elkton zone and came on production in late December at approximately 600 mcf/d. As a result, production for the Corporation was higher in the first quarter of 2009 as this zone was on production for a full quarter. An additional follow up well (8-16) was drilled, with a spud date of November 21, 2008. This well will be tied in early in the third quarter of 2009, and will benefit from the Alberta Governments recent announcements of royalty incentives that will allow for reduced royalties in the first year of production.

As previously announced, Strategic entered into a farmout agreement (the "Agreement") with a major independent Canadian oil corporation in the Maxhamish region of Northeast British Columbia in February, 2009. The Agreement provides the Corporation access to over 50,000 acres of highly prospective acreage in the Liard Basin, 125 km north of Fort Nelson, an area with significant hydrocarbon production. The Agreement provides Strategic:

1. Access to a significant land base in an area with natural gas potential from multiple zones along with gas infrastructure already in place.

2. An undeveloped light oil play (API of 40 degrees) with several licensed locations.

3. A project in an attractive fiscal jurisdiction with incentives for exploring.

This play will be the focus for the remainder of 2009 as an extensive review of the regional geology and operational planning will be done with the objective of commencing drilling in December 2009.

On March 10, 2009, Strategic closed an arms-length acquisition of all of the issued and outstanding shares of ZinMac Inc. ("ZinMac"), a private oil and gas company. ZinMac was acquired to gain access to the geological, geophysical and engineering expertise of the principal shareholder/employees. In addition, these employees have access to potential exploration and development opportunities, both domestic and international, such as the Maxhamish project described above. The Corporation issued 5,000,000 common shares to the nine shareholders of ZinMac. All shareholders are bound by an escrow agreement that allows for the release of shares of 10% on closing, 15% in 6 months and then 15% increments over each additional six month time period.

Commodity prices although strong during 2008, decreased significantly in the fourth quarter and resulted in reduced cash flows in the fourth quarter of 2008 and the first quarter of 2009. Although Strategic is faced with lower commodity prices and difficult financial markets, the Corporation is relatively well positioned to move forward in 2009.

This strong technical team that was acquired through the ZinMac acquisition allows Strategic to identify and review larger more significant projects in Western Canada or internationally.

Complete financial statements, with accompanying management discussion and analysis are available for review at www.sedar.com. Further information with respect to the Corporation can be found on its website at www.sogoil.com.

Forward-looking information

Certain information set forth in this document, including management's assessment of future plans and operations, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond our control. Those risks include, without limitation, the effect of general economic conditions, risks associated with oil and gas exploration, development, production, marketing and transportation, loss of markets, industry conditions and competition, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the ability to access qualified personnel and oilfield services, decisions by regulators and the ability to access sufficient capital from internal and external sources. Readers are cautioned not to place undue reliance on the forward-looking statements as the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and actual results, performance or achievements could materially differ from those expressed or implied in such forward-looking statements and accordingly, no assurance can be given that any of the events anticipated by forward looking statements will transpire or occur, or if any of them do so, what benefit Strategic will derive therefrom.

Boe presentation

Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.

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